Syria: Micro credit programme expanding

Sunday, May 22, 2005

Mohamad Abul Jadayel, a father of two in the northwestern Hama governorate in Syria, used to be unemployed for long periods of time. Sometimes he didn’t even have enough money to feed his family. But now his life has changed.
“I thought of an animal husbandry project to improve my livelihood but I did not have money to implement my project. I obtained a US $300 loan from the Aga Khan Development Network [AKDN] to buy two goats. After one year, I got another $400 loan and bought another two goats. Now each goat gives 3 kg of milk every day and it’s becoming very profitable,” Abul Jadayel told IRIN in the city of Mesyaf in Hama.
The former builder is one of hundreds to benefit from the AKDN’s Micro Credit Facility (MCF). The project is being implemented in four governorates and there are plans to expand into the Damascus governorate this year.
“We are now the largest micro finance project in the country and AKDN is working towards establishing a national micro finance institution in Syria,” AKDN’s programme coordinator, Aleem Walji, told IRIN in the capital, Damascus.
Micro credit programmes have become increasingly important in poverty reduction and small enterprise development, Walji explained.
Story found here.

Source: IRIN